KARACHI: The Pakistan equity market remained under pressure throughout the day on Wednesday due to the political instability, concerns on inflation and the lack of clarity on the resumption of the International Monetary Fund (IMF) programme. An analyst at Arif Habib Limited said that a bloodbath session was observed in the market today, despite opening … Read more
KARACHI: The gold extended gains to reach an all-time high of Rs135,700/tola on Wednesday as the dollar topped at Rs190.02 against the local currency۔ Gold 24kt gained Rs1,300/tola and Rs1,115/10grammes in the local market to hit Rs135,700/tola and Rs116,341/10grammes, respectively۔ The precious metal recorded the previous high of Rs134,400/tola on May 10, as the local … Read more
KARACHI: The rupee tumbled 1.37 to touch a record low of Rs190.02 against the dollar on Wednesday, amid worsening economic and political situation in the country. The local unit fell Rs1.37 to close at Rs190.02 to the dollar from Tuesday’s closing of Rs188.65 in the interbank foreign exchange market. The local currency recorded the … Read more
WASHINGTON: US federal budget deficit totaled $360 billion during the first seven months of fiscal year 2022 (from October 2021 through April 2022), according to Congressional Budget Office (CBO) estimates released Monday. This amount is about one-fifth of the $1.9 trillion shortfall recorded during the same period during the fiscal year 2021, the CBO said … Read more
KARACHI: The total cement dispatches witnessed a decline of 8.1 per cent to clock-in at 44.33 million tonnes during the first 10 months of fiscal year 2022, data by All Pakistan Cement Manufacturer Association (APCMA) showed. The total cement dispatches arrived at 48.25 million tonnes during the same period of last fiscal year. The overall … Read more
KARACHI: The Pakistan bourse observed a range bound and a volatile session on Tuesday over the uncertainty regarding the International Monetary Fund (IMF) programme which kept the investors under pressure. An analyst at Pearl Securities said that the persistent hike in the secondary market yield and rupee depreciation indicate a hike in the policy rate … Read more
KARACHI: The price of gold in Pakistan gained Rs1,400 per tola to reach an all-time high of Rs134,400 per tola on Tuesday as the local currency touched the all-time low against the dollar. The precious metal recorded the previous high of Rs134,300/tola on April 7, amid continuous depreciation in the value of rupee against the … Read more
KARACHI: The Pakistani rupee declined Rs1.12 to hit an all-time low of Rs188.65 against the dollar on Tuesday amid depleting forex reserves on the back of external debt repayment and the uncertainty regarding the International Monetary Fund (IMF) programme. The local unit fell Rs1.12 to close at Rs188.65 to the dollar from Monday’s closing of … Read more
KARACHI: The Morgan Stanley Capital International (MSCI) is expected to announce its Semi Annual Review (SAIR) on May 12, 2022, where a total of 13 constituents from Pakistan are expected to be added to the MSCI FM 100 Index. The said changes will become effective from June 1, 2022. For the MSCI Pakistan Index, despite … Read more
KARACHI: The urea offtake showed a growth of 45 per cent to 448,000 tonnes in April 2022, compared with 309,000 tonnes during the same month of last year, a report by Arif Habib Limited showed. The combined offtake of Fatima Fertilizers Company (FFC) and Fauji Fertilizer Bin Qasim Limited (FFBL) showed an increase of 32 … Read more
KARACHI: The profits of Pakistan’s listed cement sector declined 7 per cent on a year-on-year basis while the same were up 7 per cent on a quarterly basis to reach Rs17.7 billion during the third quarter of fiscal year 2022. The sector’s profitability, excluding Lucky Cement (LUCK) was down 13 per cent on a quarter-on-quarter … Read more
KARACHI: The total petroleum products sales in Pakistan recorded a jump of 30 per cent on a year-on-year basis and 19 per cent on a month-on-month basis to arrive at 2.18 million tonnes in April 2022, a report showed. “The growth in sales volumes was primarily attributable to a jump in auto sales leading to … Read more
KARACHI: The Pakistani rupee fell 90 paisas against the dollar on Monday as the country’s forex reserves continue to fall coupled with uncertainty regarding the International Monetary Fund (IMF) programme. The local unit fell 90 paisas to close at Rs187.53 to the dollar from Friday’s closing of Rs186.63 in the interbank foreign exchange market. The … Read more
KARACHI: The Stocks tumbled big time on Monday settling at 43,393 points, losing 1,448 points compared with the previous trading session due to the unstable political and economic conditions. Analysts and stock brokers are advising the investors to adopt a cautious approach as the stocks declined 3.23 per cent, the largest decline at Pakistan Stock … Read more
KARACHI: The Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh has said that the economy cannot sustain the current level of trade deficit standing at $39.3 billion for 10 months of fiscal year 2022, a statement said. He added that it translates into approximately $4 billion per month on an … Read more
KARACHI: The business community has demanded the government to control the exchange rate because economic and industrial expansion are not possible without stable local currency. Mian Anjum Nisar, former president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), and Businessmen Panel (BMP) chairman, in a statement on Monday said that the dollar … Read more
ISLAMABAD: Prime Minister Shehbaz Sharif has said that Pakistan offers huge opportunities for investment in the technology sector. In a meeting with Yi Xiang, senior vice president of Huawei, and president of the Middle East and Africa Region of Huawei, the premier said that foreign tech companies would be facilitated in all respects regarding investment … Read more
KARACHI: The Small and Medium Enterprises Development Authority (Smeda) has reminded the government to allow exports of jaggery (gurr) and white food grade poppy seeds (khashkhash), a statement said on Saturday. The Smeda in a letter to the Ministry of Commerce (Mincom) through the Ministry of Industries and Production (MoI&P) called for expediting and taking … Read more
KARACHI: The Pakistan stock market on Friday opened on a bearish note witnessing a selling trend as the investors’ remained on the sidelines amid ambiguity regarding the International Monetary Fund (IMF) programme. “During trading hours, selling was witnessed in the market across the board as investors are still looking towards concrete news flow regarding financial … Read more
KARACHI: The Pakistani rupee declined 94 paisas against the dollar on Friday as the market opened after observing four holidays on the occasion of Eid-ul-Fitr. The local unit fell 94 paisas to close at Rs186.63 to the dollar from Saturday’s closing of Rs185.69 in the interbank foreign exchange market. The dealers said that the local … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) arranged a meeting of its committee on May 1, 2022 at the Unisame House to commemorate the international labours day, a statement said. Unisame President Zulfikar Thaver and the committee members pledged to look after their workers and took an oath of conscience to facilitate them … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) invited the attention of Prime Minister Shahbaz Sharif to the urgent need of declaring economic and financial austerity to cope up with the critical situation, a statement said. Unisame President Zulfikar Thaver said that the Prime Minister needs to declare austerity and cut down all extravagant … Read more
ISLAMABAD: National Logistics Cell (NLC) has started work on one of the most important road projects in the northern areas of Pakistan that would serve as alternative to the strategic Karakoram Highway besides linking the pristine valleys in the region. The CPEC standard road will prove to be a game changer for the growing tourism … Read more
KARACHI: The Large Taxpayers Office (LTO), Karachi has shown remarkable achievement by collecting revenue at Rs1.265 trillion in all taxes during the period July 2021 to April 2022 as against Rs900.176 billion collected in the previous year, showing an overall growth of 41 per cent vis-à-vis overall collection made during the same period of the … Read more
KARACHI: BankIslami Pakistan Limited’s profit depicted a growth of 33.9 per cent to clock-in at Rs522 million for the quarter ended March 31, 2022, compared with a profit of Rs390 million during the same period last year. BankIslami continued its strategy to improve its deposit mix and deployment of liquidity towards profitable Shariah compliant avenues. … Read more
KARACHI: The Pakistani rupee showed a slight downward movement on Saturday, as the market witnessed a dull session ahead of Eid-ul-Fitr holidays, dealers said. The local unit fell 6 paisas to close at Rs185.69 to the dollar from the previous day’s closing of Rs185.63 in the interbank foreign exchange market. The dealers said the local … Read more
KARACHI: Syngenta Pakistan, and Mehran Sugar Mills Limited have partnered to improve the profitability of the farming sector by channelising the growth and distribution of sugarcane crops, a statement said on Friday Syngenta Pakistan General Manager Zeeshan Hasib Baig and Mehran Sugar Mill Managing Director Ahmed Hashim signed the memorandum of understanding (MOU). Syngenta Pakistan … Read more
KARACHI: The Pakistani rupee gained 24 paisas against the dollar on Friday, due to reduced demand for the dollar ahead of Eid holidays and the progress made in Pakistan’s talk with the International Monetary Fund (IMF), dealers said. The local unit gained 24 paisas to close at Rs185.63 to the dollar from the previous day’s … Read more
